Homburger advised Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC on their USD 225 m equity investment in Global Blue Group Holding AG
On May 6, 2022, Global Blue Group Holding AG (NYSE: GB and GB.WS) announced that CK Opportunities Fund I, LP, an investment fund co-managed by Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC, has agreed to invest USD 225 m in Global Blue Group Holding AG. The investment in the leading global provider of tax-free shopping and payments solutions for international travelers will be used to support its future growth plans.
Of the investment, USD 180 m is in series B preferred shares and USD 45 m is in common shares. The new series B preferred shares will be issued at a price of USD 8.50 per share and will carry a 5% annual pay-in-kind dividend and are convertible into approximately 21 m common shares on a one-for-one basis. The USD 45 m investment in common shares will be issued at USD 5.24, translating into approximately 9 m common shares.
Homburger acted as Swiss counsel to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC. The Homburger team was led by partner Dieter Gericke and included lead associate Carlo Sulser, associates Francesco Bernasconi and Isabelle Cordey, as well as junior associates Benjamin Camavdic and Thomas Leu (all Corporate / M&A and Capital Markets), partners Dieter Grünblatt and Reto Heuberger, and associates Kevin Müller and Philippe Weber (all Tax), and Patrik Dudar (Employment and Executive Compensation).